Investor Update Winter 2018 - PVH Corp.

 
Investor Update Winter 2018 - PVH Corp.
Investor Update
Winter 2018

     Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
Safe Harbor
We (PVH Corp.) obtained the market and competitive position data used throughout this presentation from research, surveys or studies
conducted by third parties, information provided by customers and industry or general publications. Industry publications and surveys generally
state that they have obtained information from sources believed to be reliable but do not guarantee the accuracy and completeness of such
information. While we believe that each of these studies and publications and all other information are reliable, we have not independently
verified such data and we do not make any representation as to the accuracy of such information.

The information in our presentation contains certain forward-looking statements which reflect our view as of November 29, 2018 of future events
and financial performance. These forward-looking statements are subject to risks and uncertainties indicated from time to time in our SEC
filings, as more fully discussed in our safe harbor statements and risk factors found in our SEC filings. These risks include our right to change
strategies, objectives and intentions; our need to use significant cash flow to service our debt obligations; our vulnerability to weather, economic
conditions, fuel prices, fashion trends, loss of retail accounts, epidemics, war, terrorism, scarcity of raw materials, fluctuations in foreign
currency exchange rates and other factors; the impact of new and revised tax legislation and regulations, particularly the recently enacted U.S.
Tax Cuts and Jobs Act; our reliance on the sales of our business partners; and our exposure to the behavior of our associates, business
partners and licensors. As such, our future results could differ materially from previous results or our expectations as of November 29, 2018.

We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding
revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.

This presentation includes non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included at the
end of this presentation. Our SEC filings are available on our website at PVH.com and the SEC’s website at sec.gov.

       Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
PVH By The Numbers

            PVH                                             PVH FOUNDATION
ESTABLISHED IN
                                 36K+                       (THE COMPANY’S PHILANTHROPIC DIVISION)
                                                            HAS BEEN IN EXISTENCE FOR

                                                            30+ YEARS
1881                             GLOBAL ASSOCIATES

                                 ~1M   GARMENT WORKERS IN
                                       OUR SUPPLY CHAIN
                                                            ~50%           REVENUES GENERATED
                                                                           OUTSIDE OF THE U.S.

$8.9B
2017 REPORTED REVENUES
                                 WE OPERATE IN OVER
                                 40 COUNTRIES               ~$20B
                                                            2017 GLOBAL RETAIL SALES

   Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
1   Individuality
                                   Be You.

Our                            2   Partnership
                                   Work Together.

Core                           3   Passion
                                   Inspire Others.

Values                         4   Integrity
                                   Do the Right Thing.

 Investor Update Winter 2018   5   Accountability
                                   Take Ownership.
Investor Update Winter 2018 - PVH Corp.
CR
Make Positive Impacts

Corporate Responsibility (“CR”) is       People
central to how we conduct business,      Develop & Empower
as we recognize both the opportunity     Our people are our most valuable asset. We aim to
                                         protect the human rights of every worker.
and the responsibility for business to
take a lead role in addressing
pressing global issues.
                                         Environment
                                         Nurture & Preserve
We believe CR helps strengthen our       We are committed to reducing our impact on the
organization by managing risk,           environment & sustainably managing resources.
maximizing efficiencies and driving
value in a rapidly changing world.
Through our collective efforts, we       Communities
seek to create value for both society    Invest & Engage
                                         We are engaged in the communities where we work
and our business.                        & live with a focus on women & children.

      Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
Three Distinct Businesses
All positioned for global growth

  PVH CORP. 2017                           CALVIN KLEIN 2017                                           TOMMY HILFIGER 2017                                             HERITAGE BRANDS 2017
  Global Retail Sales: ~$20 BN             Global Retail Sales: $9.1 BN                                Global Retail Sales: $7.4 BN                                    Global Retail Sales: $3.4 BN
  Revenues: $8.9 BN                        Revenues: $3.5 BN                                           Revenues: $3.9 BN                                               Revenues: $1.6 BN
  EBIT Margin*: 9.7%                       EBIT Margin: 11.9%                                          EBIT Margin*: 12.9%                                             EBIT Margin: 6.7%

                                    * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

      Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
PVH is a Global Leader in the Apparel Industry
PVH is one of the largest global apparel companies with nearly $9 billion in revenues

                                                         2017 Revenue
                                                            ($ in Billions)
     $11.8

                   $8.9

                                    $6.5   $6.2

                                                  $4.9      $4.7       $4.5
                                                                                 $3.7
                                                                                        $3.2
                                                                                               $2.8   $2.5   $2.4

                                                                                                             Source: Factset.

      Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
Calvin Klein And Tommy Hilfiger Are Key Drivers Of Our Business
                                                                                                                                                              (1)
Calvin Klein and Tommy Hilfiger currently account for over 80% of PVH’s revenues and ~90% of PVH’s EBIT

                 Revenue by Business (2017)                                                                        EBIT(1) by Business (2017)
                                                                                                                                                            10%
                                       17%

             44%
                                                                                                           49%

                                                                                                                                                                                 41%

                                             39%

                                                    Tommy Hilfiger           Calvin Klein          Heritage Brands

                                             (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. Refer to Appendix for GAAP reconciliations.

      Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
PVH Has A Significant Global Presence
Just over 50% of PVH’s revenues and approximately 65% of PVH’s EBIT(1) are generated outside the U.S.

                   Revenue by Region (2017)                                                                                                   EBIT(1) by Region (2017)
                                    7%                                                                                                                  10%

                    12%

                                                                                                                                    17%                                                                35%

                                                                              48%

                33%

                                                                                                                                                          38%

                                                                       U.S.        Europe           Asia Pacific         Americas (Excluding U.S.)

                              Note: Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand.
                                                                                                               (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses.

      Investor Update Winter 2018
Investor Update Winter 2018 - PVH Corp.
PVH Global Store Counts By Region
(As of November 4, 2018)

  NORTH AMERICA(1)                                                                                 EUROPE(2)
  TOTAL STORES: ~595                                                                               TOTAL STORES: ~2,065
  Tommy Hilfiger: ~245                                                                             Tommy Hilfiger: ~930
  Calvin Klein: ~190                                                                               Calvin Klein: ~1,135
  Heritage: ~160                                                                                   2. Includes the Middle East and Africa; includes concession
                                                                                                   2. locations and franchisee and distributor stores.
  1. Includes the U.S. and Canada

                                        LATIN AMERICA(3)                                                                                                         ASIA PACIFIC(6)
                                        TOTAL STORES: ~320                                                                                                       TOTAL STORES: ~3,305
                                        Tommy Hilfiger: ~220 (4)                                                                                                 Tommy Hilfiger: ~680
                                        Calvin Klein: ~100 (5)                                                                                                   Calvin Klein: ~2,625
                                        3. Includes Central and South America and the Caribbean.                                                                 6. Includes concession, franchisee and, for Tommy Hilfiger,
                                        4. All locations are licensee stores.                                                                                    6. licensee stores.
                                        5. Includes franchisee and distributor stores.

          Investor Update Winter 2018
A Rich History of Sales and Earnings Growth
Revenue & EPS Growth (2003 – 2017)

             $9,000                                                                                                                                                                                                            $7.94       $8.00
                                                                                                                                                                                     $7.30                                     $8,915
                                                                                                                                                                       $7.03                    $7.05          $6.80
             $8,000                                                                                                                                      $6.58                      $8,241                                                 $7.00
                                                                                                                                                                                                  $8,020
                                                                                                                                                                      $8,216
                                                                                                                                                                                                                 $8,203
             $7,000                                                                                                                                                                                                                        $6.00
                                                                                                                                           $5.44

             $6,000                                                                                                                                                                                                                        $5.00
                                                                                                                                                        $6,043
                                                                                                                             $4.31        $5,891
$ Millions

             $5,000                                                                                                                                                                                                                        $4.00

                                                                                  $3.21
                                                                                                $2.99                       $4,637
                                                                                                              $2.79
             $4,000                                                 $2.62                                                                                                                                                                  $3.00

                                                      $1.88
             $3,000                                                                                                                                                                                                                        $2.00
                                        $1.37
                          $0.98
                                                                                  $2,425        $2,397        $2,399
             $2,000                                                                                                                                                                                                                        $1.00
                                                                    $2,091
                                                     $1,909
                         $1,548        $1,641
             $1,000                                                                                                                                                                                                                        $0.00
                          2003          2004          2005          2006           2007          2008          2009          2010          2011          2012          2013          2014          2015          2016           2017

              Note: 2003-2007 figures not restated for change in accounting for retirement plans. 2003-2006 and 2008-2017 figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

                Investor Update Winter 2018
Drive
                               Consumer Engagement

Our                            Expand
                               Worldwide Reach

Strategic                      Invest
                               In Us

Priorities                     Develop
                               Talent

                               Generate
 Investor Update Winter 2018
                               Cash
Tommy Hilfiger

 Investor Update
 Investor Update Winter
                 Winter 2018
                        2018
Tommy Hilfiger – Brand Overview

                                            2017 Regional Breakout
      GLOBAL RETAIL SALES: $7.4 BN                                                   REPORTED REVENUES: $3.9 BN
                     4%
                                        11%                                                                                9%

42%                                                                        50%
                                                                                                                                                             •     One of the world’s leading designer
                                                                                                                                                                   lifestyle brands
                                                                                                                                             41%
                                                       43%                                                                                                   •     Celebrates the essence of classic
                                                                                                                                                                   American cool style
                                                                                                                                                             •     Strong global brand awareness

                             North America(1)           Latin America(2)           Asia Pacific(3)         Europe(4)

            (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa.

      Investor Update Winter 2018
Tommy Hilfiger – Brand Overview

 Distribution
   •   Select Global Retail          •   Select Global Retail   •   Global Retail      •   Global Retail
   •   Global tommy.com              •   Global tommy.com       •   Global tommy.com   •   Global tommy.com
   •   Global Wholesale              •   Global Wholesale       •   Global Wholesale   •   Global Wholesale

       Investor Update Winter 2018
Tommy Hilfiger – Growth Opportunities

                Products                                      Channels                             Markets

                                                                                                  Growth Regions

                                                                                         Europe
  Womenswear                     Accessories                        Retail

                                                                                                            Asia Pacific

    Underwear                   Men’s Tailored   Digital Commerce            Wholesale

  Investor Update Winter 2018
Tommy Hilfiger – Global Marketing
& Communications
Objective: Build on consumer-centric go-to-market strategies to maintain global brand relevance & momentum

Investment: Over $180 million in 2017 global marketing spend

Focus: Attracting a new generation of consumers globally; Blend of global and regional brand ambassadors to connect with
consumers worldwide

“See Now, Buy Now”
   • Pioneer in “See Now, Buy Now” for both men’s and women’s, extending support across labels, throughout the season and reaching a wider global audience

Women’s Apparel, Footwear & Accessories
   •   Strong momentum and growth within our overall portfolio
   •   Performance in women’s has provided a halo across other categories
   •   Hailey Baldwin, Winnie Harlow and Chinese actress Maggie Jiang named global brand ambassadors for TOMMY HILFIGER women’s
   •   Actress Zendaya will be the new global TOMMY HILFIGER women’s ambassador beginning in Spring 2019

Menswear
   • Launched men’s Ignite strategy with the announcement of TOMMY HILFIGER as the Official Apparel Partner for Mercedes- AMG Petronas Motorsport and
     Lewis Hamilton as the global brand ambassador for TOMMY HILFIGER menswear

TOMMY JEANS
    • HILFIGER DENIM rebranded as TOMMY JEANS: evolving our label strategy to unlock full business potential and continue momentum with young
      millennials and Gen Z consumers

          Investor Update Winter 2018
Tommy Hilfiger – Business Overview And Financials

        Tommy Hilfiger Business Summary

 2017 Reported Revenues          $3.9 BN

 International Revenues          ~$2.3 BN

 North America Revenues          ~$1.6 BN

   2017 EBIT Margin(1)            12.9%

                                            (1) EBIT margin excludes certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliation of EBIT.

   Investor Update Winter 2018
Consumer-Centric
                               Be consumer-centric and enhance global brand relevance
                               with marketing campaigns and consumer engagement
                               initiatives designed to drive growth and reflect TOMMY
                               HILFIGER’s accessible luxury positioning and classic
                               American cool aesthetic.

Tommy                          Category Expansion
                               Category expansion within womenswear and accessories,
                               men’s tailored clothing and underwear.

Hilfiger                       Drive
                               Drive regional expansion, particularly in Asia Pacific.

Strategies                     Digitize
                               Digitize Tommy Hilfiger from showrooms to stores and
                               online experiences.

                               Evolve
 Investor Update Winter 2018   Evolve our supply chain to adapt more quickly to change.
Tommy Hilfiger International – Overview
•      Healthy brand with premium positioning overseas
•      Marketing efforts focused on digital and
       social media
•      Tommy Hilfiger International business experienced
       outstanding performance across Europe and Asia
       in 2017

Europe                                                          2017 Europe Revenues                                                         Asia
                                                                by distribution       model(1)
                                                                                                                                             • China: Strong performance in 2017, as the
Europe continues to experience solid multi-year
                                                                                                                                               investments we have made are resonating with
business trends                                                                                                                        39%     consumers and driving growth
•   Localized management differentiates brand from peers
                                                                Retail                                                                       • Japan: Performing well, as our efforts to turn
•   Net sales growth in all major EMEA (Europe, Middle East &                                                                                  around the business have seen great progress
    Africa) markets in 2017                                     Wholesale

•   Operates the largest digital commerce business within PVH
                                                                                         61%

                                                                         (1) Retail and wholesale split excludes licensing revenues.

          Investor Update Winter 2018
Tommy Hilfiger North America – Overview
Continued wholesale sales growth through key partners:                 2017 Revenues
                                                                       by distribution model (1)
U.S. – Exclusive partnership with Macy’s for men’s sportswear;
opportunity to expand categories outside of sportswear through other                               26%
wholesale partners
Canada – Retail partnership with Hudson’s Bay Company
                                                                         Retail
Tommy Hilfiger’s womenswear wholesale business in U.S. and Canada        Wholesale
that was licensed to G-III performed well in 2017
                                                                                                                                    74%
Rollout of TOMMY JEANS, with elevated product and designs

Improvements in quality, styling and in-store presentations

Investments in digital commerce and digital marketing driving brand
relevance and consumer engagement

Focus on digital commerce, including improvements to site design,
technology and social media efforts

                                                                                                         (1) Retail and Wholesale split excludes licensing revenues.

       Investor Update Winter 2018
Tommy Hilfiger Licensed Businesses
Over time, we look to assume more direct control over various licensed regions

                                                                  Asia Pacific                                 Latin America & Mexico
                                                          2017 Retail Sales: ~$410MM*                          2017 Retail Sales: ~$425MM*

         Joint Venture
                                             India                   Australia                  New Zealand    Brazil               Mexico

         Distributor
                                           Indonesia                 Vietnam                     Philippines

         License
                                            Korea                   Hong Kong                     Taiwan                 Latam

                                                       Malaysia                   Singapore

                                                                  * Licensed businesses only.

      Investor Update Winter 2018
Calvin Klein

 Investor Update
 Investor Update Winter
                 Winter 2018
                        2018
Calvin Klein – Overview

                                        2017 Regional Breakout
   GLOBAL RETAIL SALES: $9.1 BN                                                   REPORTED REVENUES: $3.5 BN
                      3%                                                                                 3%
                                       16%
                                                                                                                                20%

                                                                                                                                                          •     One of the best known designer
                                                         24%
                                                                                                                                                                names in the world.
 57%                                                                       49%                                                                            •     Bold, progressive ideals.
                                                                                                                                        28%
                                                                                                                                                          •     Seductive, and often
                                                                                                                                                                minimal, aesthetic.

                          North America(1)           Latin America(2)           Asia Pacific(3)         Europe(1)

         (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa.

   Investor Update Winter 2018
Calvin Klein – Brand Overview
CALVIN KLEIN is a global lifestyle brand that exemplifies bold, progressive ideals and a seductive, and often minimal, aesthetic

  Distribution
    •   Made to measure               •   Madison Avenue Flagship    •   Select Global Retail        •   Select Retail (Asia and Europe)
                                      •   Global calvinklein.com     •   Global calvinklein.com      •   U.S. calvinklein.com
                                      •   Global Wholesale           •   Select Global Wholesale     •   Select Global Wholesale

        Investor Update Winter 2018
Calvin Klein – Brand Overview (cont.)
CALVIN KLEIN is a global lifestyle brand that exemplifies bold, progressive ideals and a seductive, and often minimal, aesthetic

  Distribution
    •   Global Retail                 •   Global Retail              •   Global Retail               •   Global Retail
    •   Global calvinklein.com        •   Global calvinklein.com     •   Global calvinklein.com      •   Global calvinklein.com
    •   Global Wholesale              •   Global Wholesale           •   Global Wholesale            •   Global Wholesale

        Investor Update Winter 2018
Calvin Klein – Growth Opportunities

                Products                                        Channels                           Markets

                                                                                                  Growth Regions

                                                                                         Europe
    Jeanswear                   Women’s Intimates      Stores         Digital Commerce

                                                                                                            Asia Pacific

     Apparel                       Accessories      Travel Retail      Shops in Shops

  Investor Update Winter 2018
Calvin Klein – Global Marketing
& Communications
OBJECTIVE: To create marketing campaigns with one singular, cohesive and aspirational
brand voice showcasing the CALVIN KLEIN lifestyle

INVESTMENT: With over $380 million in global annual marketing spend in 2017, (~40%
funded by licensees), we leveraged CALVIN KLEIN’s brand heritage to grow the top and
bottom line

Focus on consumer engagement and fashion and cultural relevance

Blend of global and regional brand ambassadors:

•   Sisters Kim Kardashian West, Khloé Kardashian, Kourtney Kardashian, Kendall Jenner and Kylie Jenner
    brand ambassadors for CALVIN KLEIN JEANS and CALVIN KLEIN UNDERWEAR
•   Siblings Kaia and Presley Gerber for CALVIN KLEIN JEANS
•   Brand ambassadors for Asia include Taiwanese musician Jam Hsiao and Chinese actress Jelly Lin
•   CALVIN KLEIN WOMEN, the first CALVIN KLEIN fragrance to be developed under the vision of Raf
    Simons, features award-winning actors and voices of their generation, Lupita Nyong'o and Saoirse Ronan

       Investor Update Winter 2018
Calvin Klein – Business Overview And Financials
                                               Despite the fact that we brought back in house our two
                    Summary Financials         largest apparel categories in 2013, over 50% of the brand’s
                                               global retail sales continues to be from licensing.

 2017 Reported Revenues              $3.5 BN
                                                           Past                                   Today

 International Revenues              $1.8 BN                                                              54%
                                                     89%

 North America Revenues              $1.7 BN
                                                                                                          46%
                                                     11%
    2017 EBIT Margin                 11.9%                  2012                                   2017

                                                                   Licensee   Directly Operated

   Investor Update Winter 2018
Consumer-Centric
                               Be consumer-centric and enhance global relevance through
                               marketing campaigns and consumer engagement initiatives
                               designed to drive growth and further resonate with
                               youth-minded consumers.

Calvin                         Drive
                               Drive product improvement and expansion, particularly within
                               apparel, jeans, accessories and women’s intimates.

                               Develop

Klein                          Develop compelling digital experiences, while also growing
                               our presence in specialty stores and opening additional travel
                               retail locations.

Strategies                     Gain
                               Gain greater control of the brand by taking back licensed
                               businesses to operate them directly.

                               Sharpen
 Investor Update Winter 2018   Sharpen our processes by enhancing our data capabilities.
Calvin Klein North America – Overview
Healthy positioning across wholesale and                             2017 Revenues
retail channels                                                      by distribution model

Provocative 360°marketing campaigns are a driving                                                                                     43%
                                                                       Retail
force behind the brand, leveraging traditional and                     Wholesale
                                                                                             57%
digital platforms

Continue to diversify the business in response to
consumer shopping preferences:

•   Growing digital penetration with our wholesale partners
•   Embracing partnerships with pure play digital commerce players
•   Continuing to sell into select specialty apparel retailers

Digital commerce grew approximately 20% in 2017,
driven by recent investments in website navigation
and technology

                                                                                                   Note: Retail and wholesale split excludes licensing revenues.

       Investor Update Winter 2018
Calvin Klein International – Overview
                  Asia Pacific                                           Europe                         Latin America (Primarily Brazil)
 •   Distribution ~75% retail (including concession    •   Distribution ~50% retail / ~50% wholesale   •   Distribution ~35% retail / ~65% wholesale
     shops and free-standing stores) / 25% wholesale       in 2017
                                                                                                       •   Brand positioned well, with strong
 •   Strong brand positioning across key regions       •   Largest categories: Jeans and underwear;        consumer relevance and acceptance
                                                           Biggest opportunities: Men’s sportswear,        across product lines
 •   Largest categories: Jeans and underwear;              accessories, women’s sportswear
     Biggest opportunities: Performance                    (Fall 2018 launch)                          •   Largest category: Jeans; Biggest
     and sportswear                                                                                        opportunities: Underwear, sportswear
                                                       •   Largest regional opportunity for CALVIN         and performance
                                                           KLEIN, as we capitalize on the strong
                                                           consumer appetite for the brand
       2017 Revenue by Region
               ~20%

                                     ~50%
             ~30%

     China     Central & South Asia Pacific   Korea

     Investor Update Winter 2018
Calvin Klein Licensing
7 significant partnerships represented over 80% of licensing and advertising revenue in 2017. Over time, we look to assume more
direct control over various licensed businesses where we have core competencies.

                                                      Global Retail Sales
            Women’s Apparel / Other                          Fragrance                                    Footwear

                     G-III $1.8BN                            COTY $1.2BN                                JIMLAR ~$315MM

          Men’s Tailored                 Watches & Jewelry                    Eyewear                     CK Calvin Klein / Asia

        PEERLESS ~$240MM                  SWATCH ~$225MM                   MARCHON ~$145MM                     CLUB ~$115MM

      Investor Update Winter 2018
Heritage Brands

 Investor Update
 Investor Update Winter
                 Winter 2018
                        2018
Heritage Brands – Overview & Financials

                                      Summary Financials
                                      2017 Reported Revenues - $1.6 BN
                                      2017 EBIT Margin - 6.7%

                                      Heritage Brands
                                      •   Underwear
                                      •   Sportswear
                                      •   Dress Furnishings
                                      •   Swimwear

                                      Licensed Brands
                                      include:
                                      •   Chaps
                                      •   DKNY
                                      •   Kenneth Cole Reaction
                                      •   MICHAEL Michael Kors
                                      •   Michael Kors Collection

  Investor Update Winter 2018
Consumer-Centric
                               Be consumer-centric by designing and marketing quality, trend-
                               tight products that offer great value to our consumers and
                               introducing products with new technologies and new features.

Heritage                       Leverage
                               Leverage and enhance each brand’s position in the market.

                               Maximize

Brands                         Maximize distribution, with the greatest opportunities in mass
                               market retailers and digital commerce (through our wholesale
                               partners, as well as our own digital commerce site, which
                               launched Summer 2018)

                               Enhance

Strategies                     Enhance profitability by capitalizing on supply chain opportunities
                               and leveraging consumer insights, while also reducing costs and
                               maintaining a critical focus on inventory management.

 Investor Update Winter 2018
Financial Overview

 Investor Update
 Investor Update Winter
                 Winter 2018
                        2018
PVH Financial History
($ in Millions, except per share data)

                                     Warnaco Acquisition                                  FX Headwinds

                                    2013            2014                          2015                                    2016                                     2017

      Revenues                      $8,216*         $8,241                       $8,020                                   $8,203                                  $8,915

    Gross Margin                    52.4%*         52.6%*                        51.6%*                                  53.4%*                                    54.9%

        EBIT*                        $967           $921                           $842                                    $794                                     $864

    EBIT Margin*                    11.8%           11.2%                         10.5%                                    9.7%                                     9.7%

         EPS*                       $7.03           $7.30                         $7.05                                    $6.80                                   $7.94

    EPS Growth*                       7%             4%                             -3%                                     -4%                                    +17%

                                                             * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

      Investor Update Winter 2018
PVH Consolidated Summary of 3Q18 YTD Performance

                                                 3Q18 YTD                                                                      YoY Change

                                                                                                                          +12% reported
                 Revenues                      $7.2BN reported
                                                                                                                      +10% constant currency*

               Gross Margin                            55.1%                                                                        Up 20bps

            Non-GAAP EBIT*                           $778MM                                                                             +13%

       Non-GAAP EBIT Margin*                          10.8%                                                                         Up 10bps

            Non-GAAP EPS*                              $7.75                                                                            +22%
                                (including $0.14 positive impact from foreign currency)

                                                      * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

  Investor Update Winter 2018
PVH Financial History

                        Free Cash Flow ($ in Millions)                                                                                                           Gross Leverage Ratio*
 $700                                                  $644                                                   140%
                                    $578                                                                                          3.4
 $600                                                                                                         120%
                $481                                    117%                                                                      3.2           3.1x                                       3.1x
 $500                                                                                                         100%                                                    3.0x
 $400                                99%
                                                                                              $339            80%                 3.0

 $300             79%                                                      $274                               60%                 2.8                                                                            2.7x
 $200                                                                                                         40%                 2.6                                                                                                  2.5x
                                                                            44%                 47%
 $100                                                                                                         20%                 2.4
    $0                                                                                                        0%                  2.2
                 2014               2015                2016               2017            LTM 3Q18
                                                                                                                                  2.0
                     Free Cash Flow                  Free Cash Flow / Non-GAAP Net Income*                                                      2014                  2015                  2016                 2017               LTM 3Q18

                    Debt Paydown of ~$2.0 Billion in Senior Secured Loans Since the Warnaco Acquisition
NOTE: Free cash flow defined as cash flow from operations less capital expenditures and dividends. Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows was adopted in the first
quarter of 2018. As a result, contingent payments to Mr. Klein are now included in cash flow from operations.

2017 and LTM 2Q18 free cash flows were principally impacted by larger capital expenditures compared to prior years, an increase in inventories, principally driven by our expected sales growth and the timing of inventory receipts as compared to the
prior year period due to the inclusion of a 53rd week of operations in 2017.

                                                                                                                     * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

           Investor Update Winter 2018
Appendix

 Investor Update
 Investor Update Winter
                 Winter 2018
                        2018
GAAP to Non-GAAP Net Income Per Common Share Reconciliations
(2003-2006)

GAAP to Non-GAAP Reconciliations
Net Income (Loss) Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)

                                                                                                                2006                                                               2005                                                               2004                                                              2003

                                                                                       GAAP                 Adjustments(1)           Non-GAAP               GAAP                Adjustments(2)          Non-GAAP               GAAP                Adjustments(3)          Non-GAAP               GAAP                Adjustments(4)         Non-GAAP
Net Income (Loss) per Common Share Calculation

Net Income                                                                         $      155.2         $              6.4       $      148.8          $      103.9                                 $      103.9          $        58.6        $         (12.1)        $       70.7          $        14.7        $        (35.8)        $          50.5

Preferred Stock Dividends on Converted Stock                                                 3.2                       3.2                                       2.1        $             2.1                                                                                                         20.0                                          20.0

Inducement Payment and Offering Costs                                                       10.9                    10.9                                        14.2                   14.2

Net Income (Loss) Available to Common Stockholders                                 $      141.1         $          (7.7)         $      148.8          $        87.6        $          16.3         $      103.9          $        58.6        $         (12.1)        $       70.7          $       (5.3)        $        (35.8)        $          30.5

Total Shares for Diluted Net Income (Loss) per Common Share                                 53.5                    (3.2)                56.7                   51.7                   (3.3)                55.0                   51.6                                        51.6                   30.3                   (0.7)                  31.0
Diluted Net Income (Loss) per Common Share                                         $        2.64                                 $       2.62          $        1.70                                $       1.88          $        1.14                                $       1.37          $      (0.18)                               $          0.98

1)    Adjustments for 2006 represent the elimination of (i) a gain associated with the sale by our subsidiary on January 31, 2006 of minority interests in certain entities that operate various licensed Calvin Klein jeans and sportswear businesses in Europe and Asia; (ii) costs resulting from the departure in February 2006 of our former
      chief executive officer; (iii) costs associated with closing our apparel manufacturing facility in Ozark, Alabama in May 2006; (iv) the tax effects associated with the foregoing pre-tax items; and (v) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B
      convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of a portion of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per
      common share.

2)    Adjustments for 2005 represent the elimination of (i) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of such common shares by the holders.
      The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share.

3)    Adjustments for 2004 represent the elimination of (i) charges related to debt extinguishment costs; (ii) charges associated with the closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv) a tax benefit
      associated with the realization of certain state net operating loss carryforwards.

4)    Adjustments for 2003 represent the elimination of (i) charges related to integration costs associated with our acquisition of Calvin Klein; (ii) charges associated with the impairment and closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) a gain resulting from our sale of
      the minority interest in Gant Company AB; and (iv) the tax effects associated with the foregoing pre-tax items. Calvin Klein integration costs consist of (a) the operating losses of certain Calvin Klein businesses, which we have closed or licensed, and associated costs in connection therewith and (b) the costs of certain
      duplicative personnel and facilities incurred during the integration of various logistical and back office functions.

               Investor Update Winter 2018
GAAP to Non-GAAP Net Income Per Common Share Reconciliations
(2008-2010)

GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
                                                                                                                                     2010                                                                                 2009                                                                                   2008
                                                                                                                                                 (1)                                                                                  (2)
                                                                                                      GAAP                 Adjustments                      Non-GAAP                       GAAP                  Adjustments                      Non-GAAP                         GAAP                  Adjustments(3)                    Non-GAAP
Net Income per Common Share Calculation
Net Income (Loss)                                                                                   $     54.4              $            (236.0)             $      290.4                $ 153.5                  $                7.2             $      146.3                $        39.1              $            (116.9)              $      156.0
Total Shares for Diluted Net Income per Common Share                                                      67.4                                                       67.4                   52.5                                                           52.5                         52.2                                                        52.2
Diluted Net Income per Common Share                                                                 $     0.81                                               $       4.31                $ 2.92                                                    $       2.79                $        0.75                                                $       2.99

1)   Adjustments for 2010 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of Tommy Hilfiger, including transaction, restructuri ng and debt extinguishment costs, short-lived non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange
     rates relating to the purchase price; (ii) the costs incurred in connection with our exit from the United Kingdom and Ireland Van Heusen dresswear and accessories business; (iii) the recognized actuarial loss on retirement plans; (iv) the tax effects associated with the foregoing pre-tax costs; and (v) a tax benefit related to the
     lapse of the statute of limitations with respect to certain previously unrecognized tax positions.

2)   Adjustments for 2009 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and
     other initiatives to reduce corporate and administrative expenses; (ii) the recognized actuarial loss on retirement plans; (i ii) the tax effects associated with the foregoing pre-tax costs; and (iv) a net tax benefit related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.

3)   Adjustments for 2008 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and
     other initiatives to reduce corporate and administrative expenses; (ii) fixed asset impairment charges for approximately 200 of our retail stores; (iii) the recognized actuarial loss on retirement plans; (iv) the operations of our Geoffrey Beene outlet retail division and the costs associated with the closing of such division; and (v)
     the tax effects associated with the foregoing pre-tax costs.

              Investor Update Winter 2018
GAAP to Non-GAAP Net Income Per Common Share Reconciliations
(2011-2013)

GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
                                                                                                                                      2013                                                                                2012                                                                                2011
                                                                                                                                                   (1)                                                                                 (2)
                                                                                                      GAAP                    Adjustments                    Non-GAAP                      GAAP                   Adjustments                     Non-GAAP                     GAAP                   Adjustments(3)                 Non-GAAP
Total Earnings Before Interest and Taxes                                                             $ 513.4                   $    (453.5)                  $ 966.9                      $ 660.4                  $     (91.2)                   $ 751.6                     $ 491.2                  $    (190.7)                  $ 681.9

Net Income per Common Share Calculation
Net Income Attributable to PVH Corp.                                                                 $       143.5              $        (437.5)              $       581.0               $      433.8              $           (52.6)            $       486.4               $      275.7               $        (121.2)            $       396.9
Total Shares for Diluted Net Income per Common Share                                                          82.6                                                     82.6                       73.9                                                     73.9                       72.9                                                    72.9
Diluted Net Income per Common Share                                                                  $        1.74                                            $        7.03               $       5.87                                            $        6.58               $       3.78                                           $        5.44

1)   Adjustments for 2013 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of The Warnaco Group, Inc. (“Warnaco”) and the related restructuring; (ii) the loss incurred in connection with the sale of substantially all of the assets of the G. H. Bass & Co. (“Bass”) business, including
     related costs; (iii) the income due to the amendment of an unfavorable contract, which resulted in the reduction of a liabili ty recorded at the time of the Tommy Hilfiger acquisition; (iv) the costs incurred in connection with our debt modification and extinguishment; (v) the interest expense incurred prior to the Warnaco acquisition
     closing date related to the $700 of senior notes issued in 2012; (vi) the recognized actuarial gains on retirement plans; (vi i) the tax effects associated with the foregoing pre-tax items; (viii) non-recurring discrete tax items related to the Warnaco integration; and (ix) a non-recurring discrete tax item attributable to an increase in
     our previously-established liability for an uncertain tax position related to European and U.S. transfer pricing arrangements.

2)   Adjustments for 2012 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the costs incurred in connection with our acquisition of Warnaco; (iii) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of
     senior notes issued in 2012; (iv) the recognized actuarial losses on retirement plans; (v) the tax effects associated with the foregoing pre-tax costs; and (vi) the tax benefit resulting from the recognition of previously unrecognized net operating loss assets and tax credits.

3)   Adjustments for 2011 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable preexisting license agreement in connection with our buyout of the TOMMY HILFIGER perpetual license in
     India; (iii) the costs incurred in connection with our modification of our credit facility; (iv) the costs incurred in connection with our negotiated early termination of our license to market sportswear under the Timberland brand and the 2012 exit from the Izod women’s wholesale sportswear business; (v) the recognized actuarial
     losses on retirement plans; (vi) the tax effects associated with the foregoing pre-tax costs; and (vii) the tax benefit resulting from revaluing certain deferred tax liabilities due to a decrease in the statutory tax rate in Japan.

              Investor Update Winter 2018
GAAP to Non-GAAP Reconciliations (2014-2016)

                                GAAP to Non-GAAP Reconciliations
                                (Dollars and Shares in Millions, Except Per Share Data)

                                                                                                                            2016                                                2015                                                  2014
                                                                                                            GAAP       Adjustments(1)      Non-GAAP             GAAP      Adjustments(2)      Non-GAAP             GAAP          Adjustments(3)       Non-GAAP
                                Total Revenue                                                           $ 8,203.1      $           -       $ 8,203.1        $ 8,020.3     $            -      $ 8,020.3        $     8,241.2     $           -        $   8,241.2

                                Total Gross Profit                                                          4,370.3                (7.3)       4,377.6          4,161.6                19.5       4,142.1            4,326.7                 (6.5)        4,333.2

                                Total EBIT                                                                   789.2                 (4.9)        794.1            760.5              (81.0)         841.5               529.9              (390.7)           920.6

                                Net Income per Common Share Attributable to PVH Calculation
                                Net Income                                                              $    549.0     $           (1.1)   $    550.1       $    572.4    $         (13.3)    $    585.7       $       439.0     $        (168.8)     $     607.8
                                Total Shares for Diluted Net Income per Common Share                          80.9                               80.9             83.1                              83.1                83.3                                 83.3
                                Diluted Net Income per Common Share                                     $     6.79                         $     6.80       $     6.89                        $     7.05       $        5.27                          $      7.30

                                (1)
                                   Adjustments for 2016 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several
                                licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the licensing to G-III Apparel Group, Ltd. of the Tommy Hilfiger womenswear wholesale business in the
                                U.S. and Canada (the “G-III license”), which resulted in the discontinuation of our directly operated Tommy Hilfiger North America womenswear wholesale business in 2016; (iv) the costs incurred in connection with the
                                restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH Asia, Ltd. (“TH China”), our former joint venture for TOMMY HILFIGER
                                in China, to fair value in connection with the acquisition of the 55% interest that we did not already own (the “TH China acquisition”); (vi) the one-time costs recorded on our equity investment in TH China prior to the
                                TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in
                                connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the deconsolidation of our subsidiary that principally operated and managed our Calvin Klein business in Mexico
                                ("the Mexico deconsolidation") in connection with the formation of a joint venture in Mexico to operate that and other businesses; (x) the gain recorded in connection with a payment made to us to exit a TOMMY
                                HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the early termination of the previous license agreement for the Tommy Hilfiger men’s tailored clothing business in North America (the “TH
                                men’s tailored license termination”); (xii) the recognized actuarial gain on retirement plans; (xiii) the tax effects associated with the foregoing pre-tax items; and (xiv) the tax benefits associated with discrete items
                                related to the resolution of uncertain tax positions.

                                (2)
                                  Adjustments for 2015 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from
                                the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection
                                with the G-III license; (v) the gain recorded on our equity investment in the parent company of the Karl Lagerfeld brand ("Karl Lagerfeld"); (vi) the recognized actuarial gain on retirement plans; (vii) the tax effects
                                associated with the foregoing pre-tax items; and (viii) the tax benefits associated with discrete items related to the resolution of uncertain tax positions and the impact of tax law and tax rate changes on deferred
                                taxes.

                                (3)
                                  Adjustments for 2014 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with our exit from the Izod retail
                                business, including noncash impairment charges; (iii) the costs incurred in connection with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY
                                HILFIGER stores in North America; (v) the costs incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related
                                redemption of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin Klein joint venture in
                                India; (viii) the recognized actuarial loss on retirement plans; (ix) the tax effects associated with the foregoing pre-tax items; and (x) the tax benefits associated with discrete items primarily related to the resolution of
                                uncertain tax positions and various Warnaco integration activities.

  Investor Update Winter 2018
GAAP to Non-GAAP Revenue & Gross Margin Reconciliations

(Dollars in Millions)

                                                                      2013(1)                      2008(2)                      2003(3)
GAAP Revenue                                                           $   8,186.4                  $   2,492.0                  $   1,569.0

Adjustments                                                                     30.0                       (95.0)                       (21.0)

Non-GAAP Revenue                                                            8,216.4                      2,397.0                      1,548.0

GAAP Gross Profit                                                           4,219.3

Adjustments                                                                     85.6

Non-GAAP Gross Profit                                                       4,304.9

Non-GAAP Gross Margin                                                         52.4%

(1) Adjustments for 2013 represent the revenue reduction due to sales returns for certain Warnaco wholesale customers in connection with initiative to reduce excess inventory levels and the costs incurred in connection with the
acquisition and integration of Warnaco and the related restructuring.
(2) Adjustments for 2008 represent the elimination of the operations of the Geoffrey Beene outlet retail division, which was closed.
(3) Adjustments for 2003 represent the elimination of the operations of certain Calvin Klein businesses, which were closed or licensed.

           Investor Update Winter 2018
GAAP to Non-GAAP Reconciliations – 2017, Q3 2017 & Q3 2018
        GAAP to Non-GAAP Reconciliations
        (Dollars and Shares in Millions, Except Per Share Data)

                                                                           2017                                            Q3 YTD 2017                                                      Q3 YTD 2018
                                                                                                                                                                                                      Positive Impact
                                                                                                                                                                                                        of Foreign        Constant
                                                                                      (1)                                              (2)                                            (3)
                                                            GAAP       Adjustments          Non-GAAP          GAAP     Adjustments           Non-GAAP        GAAP     Adjustments            Non-GAAP    Currency         Currency
        Revenue
        Calvin Klein                                    $ 3,461.6      $          -         $ 3,461.6
        Tommy Hilfiger                                    3,893.2                 -           3,893.2
        Heritage Brands                                   1,560.0                 -           1,560.0
        Total Revenue                                     8,914.8                 -           8,914.8     $ 6,415.9    $           -         $ 6,415.9   $ 7,172.8     $          -          $   7,172.8 $      118.6     $ 7,054.2

        EBIT
        Calvin Klein                                          410.5              -               410.5
        Tommy Hilfiger                                        318.5           (183.2)            501.7
        Heritage Brands                                       104.3              -               104.3
        Corporate                                            (200.9)           (48.0)           (152.9)
        Total EBIT                                            632.4           (231.2)            863.6         574.4            (112.5)          686.9        758.0            (19.9)             777.9

        Net Income per Common Share Attributable
        to PVH Calculation
        Net Income                                      $    537.8     $       (86.6)       $   624.4     $    429.3   $         (71.4)      $   500.7   $    587.7   $        (15.0)        $    602.7
        Total Shares for Diluted Net Income per
        Common Share                                           78.6                               78.6          78.7                              78.7         77.7                                77.7
        Diluted Net Income per Common Share             $      6.84                         $     7.94    $     5.45                         $    6.36   $     7.56                          $     7.75

        (1)
           Adjustments for 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with
        agreements to restructure our supply chain relationship with Li & Fung Trading Limited (“Li & Fung”), under which we terminated our non-exclusive buying agency agreement with Li & Fung in 2017 (the “Li & Fung
        termination”); (iii) the costs incurred in connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants, under
        which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) the net costs
        incurred in connection with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vi) the costs incurred
        in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which we made a cash buyout of a portion of the future payment obligation (the “Mr. Hilfiger amendment”); (vii) the
        costs incurred in connection with the early redemption of our $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of our €600 million 3 1/8% senior notes; (ix) the recognized
        actuarial loss on retirement plans; (x) the tax effects associated with the foregoing pre-tax items; (xi) the discrete tax benefits related to the resolution of uncertain tax positions; (xii) the discrete net tax benefit
        recorded in connection with the enactment of the U.S. Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017; and (xiii) the discrete tax benefit related to an excess tax benefit from the exercise of stock options by
        our Chief Executive Officer.

        (2)
          Adjustments for the thirty-nine weeks ended October 29, 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived
        assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a
        result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York,
        including noncash depreciation expense; (v) the costs incurred in connection with the consolidation within our warehouse and distribution network in North America; (vi) the tax effects associated with the
        foregoing pre-tax items; and (vii) the discrete tax benefits related to the resolution of uncertain tax positions.

        (3)
          Adjustments for the thirty-nine weeks ended November 4, 2018 represent the elimination of the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and
        the resulting tax effect.

  Investor Update Winter 2018
GAAP to Non-GAAP Gross Debt/Earnings Before Interest, Taxes,
Depreciation & Amortization (EBITDA) Reconciliations

GAAP to Non-GAAP Reconciliations
Debt/EBITDA
(Dollars in Millions, Except Ratios)

                                                                                                                                                  Q3 YTD    Q3 YTD    LTM Q3       (3)
                                                                                                                                                                                     Amounts that were deemed non-recurring or non-operational for 2016 were (i) the costs incurred in connection with our integration of Warnaco and the related
                                                                                                  2014(1)   2015(2)   2016(3)   2017(4)            2017(5)   2018(6)   2018
GAAP Net Income Attributable to PVH Corp.                                                       $     439 $     572 $     549 $     538          $     429 $     588 $    697
                                                                                                                                                                                   restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs
Pre-Tax Items Deemed Non-recurring or Non-operational                                                 391        81           5     231                113        20      138      incurred in connection with the G-III license; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v)
GAAP Interest and Taxes                                                                                91       188       241        96                146       172      122      the noncash gain recorded to write-up our equity investment in TH China to fair value in connection with the TH China acquisition; (vi) the one-time costs recorded on our
GAAP Depreciation and Amortization                                                                    245       257       322       325                239       248      334      equity investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash
Depreciation and Amortization Items Deemed Non-recurring or Non-operational                             (6)       (6)     (50)      (38)               (31)      (20)     (27)     valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs
Non-GAAP EBITDA as presented                                                                    $ 1,160 $ 1,092 $ 1,067 $ 1,152                  $     896 $ 1,008 $ 1,264         recorded in connection with the Mexico deconsolidation; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe;
                                                                                                                                                                                   (xi) the costs incurred in connection with the TH men's tailored license termination; and (xii) the recognized actuarial gain on retirement plans.

Gross Debt, Including Current Portion and Short-term Borrowings                                 $   3,557 $     3,225 $     3,242 $     3,106                            $ 3,176
Capital Lease Obligations                                                                              18          15          16          16                                 14   (4)
                                                                                                                                                                                     Amounts that were deemed non-recurring or non-operational for 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash
Total Debt                                                                                      $   3,575 $     3,240 $     3,258 $     3,122                            $ 3,190   amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the noncash settlement of
Gross Leverage Ratio                                                                                  3.1         3.0         3.1         2.7                                2.5
                                                                                                                                                                                   certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred
(1)
                                                                                                                                                                                   to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) the net costs
  Amounts that were deemed non-recurring or non-operational for 2014 were (i) the costs incurred in connection with our integration of Warnaco and the related
                                                                                                                                                                                   incurred in connection with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse
restructuring; (ii) the costs incurred in connection with our exit from the Izod retail business, including noncash impairment charges; (iii) the costs incurred in connection
                                                                                                                                                                                   and distribution center; (vi) the costs incurred in connection with the Mr. Hilfiger amendment; (vii) the costs incurred in connection with the early redemption of our $700
with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY HILFIGER stores in North America; (v) the costs
incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related redemption
                                                                                                                                                                                   million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of our €600 million 3 1/8% senior notes; and (ix) the recognized actuarial loss on
of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously                retirement plans.
consolidated Calvin Klein joint venture in India; and (viii) the recognized actuarial loss on retirement plans.                                                                    (5)
                                                                                                                                                                                     Amounts that were deemed non-recurring or non-operational for the thirty-nine weeks ended October 29, 2017 were (i) the costs incurred related to the TH China
                                                                                                                                                                                   acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in
(2)
  Amounts that were deemed non-recurring or non-operational for 2015 were (i) the costs incurred in connection with our integration of Warnaco and the related                     connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants,
restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the     under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including
discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the G-III license; (v) the gain    noncash depreciation expense; and (v) the costs incurred in connection with the consolidation within our warehouse and distribution network in North America.
recorded on our equity investment in Karl Lagerfeld; and (vi) the recognized actuarial gain on retirement plans.

                                                                                                                                                                                   (6)
                                                                                                                                                                                     Amounts that were deemed non-recurring or non-operational for the thirty-nine weeks ended November 4, 2018 were the costs incurred related to the TH China
                                                                                                                                                                                   acquisition, consisting of noncash amortization of short-lived assets.

                Investor Update Winter 2018
GAAP to Non-GAAP Cash Flow Reconciliations

                            GAAP to Non-GAAP Reconciliations
                            Cash Flow
                            (Dollars in Millions)

                                                                                                                      Q3 YTD    Q3 YTD     LTM Q3
                                                                           2014      2015      2016       2017         2017      2018       2018
                            Cash Flow from Operations(1)               $     749 $     854 $      903 $      644     $    205 $      305 $      744
                            Less:
                            Capital Expenditures                             256       264        247        358          235        270        393
                            Dividends                                         12        12         12         12            12        12         12
                            Free Cash Flow                             $     481 $     578 $      644 $      274     $    (42) $      23 $      339
                            (1)
                               Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash
                            flows was adopted in the first quarter of 2018. As a result, contingent payments to Mr. Klein are now included in cash
                            flow from operations. Prior amounts have been adjusted to reflect the retrospective application of this guidance.

  Investor Update Winter 2018
Investor Update Winter 2018
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